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A lot of people have always had Missouri homeowners insurance, but most of them only know that it provides them protection. Many of them don’t really have a clearer, more in-depth understanding of how it works.

Fortunately, the Missouri Department of Insurance provides guidance for the state’s consumers. To help you grasp the essentials of this type of insurance that provides considerable protection for homes and their contents, read on.

What are the contributors to lower or higher premiums?

New homes, or relatively new, yet superbly maintained houses, have lower premiums. This is because insurance providers factor in the age of a dwelling when computing such fees. Since older buildings have greater risk of degradation of structural components, they classify as high risk properties; thus, the more expensive premiums.

Another Missouri homeowners insurance premium determinant has something to do with fire protection. Having fire extinguishers, smoke alarms, and fire detectors installed in and around your home can help you bring your premiums down. Insurance firms also consider homes near the local fire department as lower-risk, which means insuring them costs less.

Does a home’s type of construction impact premiums?

Newer homes have lower premiums because insurance providers factor in the age of a dwelling when computing such rates.

To give you a good idea on how much homeowners in the state spend on a monthly basis towards the insurance of their property, ValuePenguin, a financial resource group, cited it as $87.73. This of course varies depending on the type of construction of the dwelling. So yes, Missouri homeowners who have brick houses pay less towards their insurance premiums than those that own the framed ones.

One of the primary reasons for this is because of certain qualities they possess that make them stronger, more durable, and less susceptible to damages compared with framed houses. Because the state’s humid, continental climate can take a toll on the integrity and overall quality of wooden and other organic construction materials faster, insurance companies perceive brick homes as lower risk.

When does an insurance company pay for roof damage?

As long as a type of covered peril caused the damage to the roof, the insurance company will take responsibility for repairing or replacing it. Keep in mind though, that standard policies don’t cover normal wear and tear nor do they cover negligence-incurred damages.

This said, you should educate yourself when it comes to the perils covered by your insurance form.

How much do insurers pay for stolen insured items?

This depends on the type of insurance you have for your covered personal property or belongings. When you have replacement cost value coverage, the insurer should pay for the total amount of replacing the stolen or lost item.

However, as the Missouri Department of Insurance stated, there are some situations wherein the company may only initially pay for the actual cash value (replacement cost less depreciation value), but complete the reimbursement once the policy holder has shown proof of purchase (receipts).

Final reminder: Always keep your credit score in check

Insurance companies may choose to decrease (or increase) your premiums, depending on the current status of your credit score. Since you want to get a great deal on your policy while ensuring you, your home, and your other valuables remain protected, always keep an eye out for your credit score. Take good care of it and maintain it, and if possible, bring it up as this can help you get even an even better discount.

References:

http://insurance.mo.gov/consumers/home/